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Profit after tax grows 23 % to Rs. 125 Million
Tunrn over, profits up at Dipped
products in Q1
-20-08-2004-
The
Dipped Products (DPL) Group, comprising rubber glove manufacturing,
distribution and marketing and plantations, has reported a healthy
growth in turnover and profits in the first quarter of 2004-05, despite
the effect of escalating rubber prices on its manufacturing operations.
In
results released to the Colombo Stock Exchange this week, Dipped
Products reported that turnover had increased 14 per cent to Rs 1.338
Billion while profit after tax had grown by 23 per cent to Rs 125
million over the corresponding period last year.
Local
rubber prices in the period under review had shot up by more than 25 per
cent, and exceeded international price levels, pushing up production
costs in the Group's five glove manufacturing plants.
Turnover
from the hand protection segment grew 18 per cent to Rs 1.028 Billion,
bolstered by export turnover of Rs 568 million from the local
manufacturing operations of the Group following production increases.
Meanwhile, turnover from the Plantations segment grew 5 per cent to Rs
380 million, while profit after tax increased by 36 per cent largely on
the buoyant sentiment in the rubber market and higher tea prices.
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